ISDA: Proposed Moratoria Under The BRRD And The impact On The Universal Stay Protocol

The ISDA 2015 Universal Resolution Stay Protocol (Universal Stay Protocol), developed by ISDA in close coordination with the Financial Stability Board (FSB) and a number of national resolution authorities, addresses a major impediment to the resolvability of global financial institutions. By ensuring counterparties to an entity in resolution are on equal footing with respect to the exercise of default rights, regardless of the governing law of their agreements with that entity, the Universal Stay Protocol is a critical part of efforts to end ‘too big to fail’.

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